Mr. Elstad has been actively involved in representing official and ad hoc committees of creditors and equity holders in Chapter 11 bankruptcy cases. Mr. Elstad has also been actively involved in representing secured creditors in loan refinancings out-of-court and in defending their rights in court.
In addition to his law degree, Mr. Elstad has a Masters Degree in Environmental Engineering and, earlier in his career, was the Assistant Director of the Waste Management Policy Branch of the Ontario Ministry of the Environment.
Successful opposition to the imposition of claims trading restrictions in the Dana Corp. bankruptcy case in the Southern District of New York on behalf of a significant claimholder.
Active involvement in the plan confirmation fight in the Oneida bankruptcy case in the Southern District of New York on behalf of the Official Equity Committee.
Winning recognition of shareholders’ right to a recovery in the plan of reorganization in the Owens Corning bankruptcy case in Delaware on behalf of an ad hoc equity committee.
Obtaining an enhanced recovery for trade creditors in the plan approved in the Intermet bankruptcy case in the Eastern District of Michigan on behalf of an ad hoc committee of trade creditors.
Opposition to a settlement in the United Airlines bankruptcy case in the Northern District of Illinois on behalf of an ad hoc committee of municipal bond holders, resulting in an enhanced recovery for them.
Successful representation of the Official Creditors’ Committee in the Massachusetts bankruptcy proceedings for Boston’s premier office building (International Place).
Prosecution of preference actions for the litigation trust established in the Oakwood Homes bankruptcy case in Delaware
Co-author, Official Committee Members: Fiduciary Duty Liability, The Bankruptcy Strategist, Volume 21, Number 4, February 2004
Author, Poverty in Mississippi, 70 Miss. L.J. 1047 (2001)
Bar Admissions & Memberships
Admitted, Massachusetts Bar
Admitted, United States Court of Appeals for the Third Circuit, United States District Court for the District of Massachusetts, United States District Court for the Eastern District of Michigan
Member, American and Boston Bar Associations